All Forum Posts by: Ulrike Koehler

I have a few rental properties in York Pa and if your property is located in the general downtown area most tenants usually dont pass high expectation in regards of credit scores or rental history. This is usually leveled out by asking for higher deposit in the hopes that this will cover at least some repairs or missed rent payments. 

In your case I expect that you should know at least what the current rent per unit is and detail about renter that live in the building. I would think that you have to draft new rental contract when taking over and latest at that point you will obtain renters SS to run credit reports, background check and rental history.

Agree to all that was lined out earlier. I bought my first rental property  beginning of this year and it was helping a lot to come prepared with all documents required to the appointment with the loan officer. I knew my credit score upfront, my bank offers the information as service with monthly updates, and was familiar with the home buying and financing process. It was not an easy ride but I was able to answer all questions my loan officer had right away and that was impressing her. Right after the deal was done I refinanced my house with the same bank and it was processed in light speed. Changed to a portfolio lender for my recent deals as I reached the magic number 4 house to finance but it still works the same.

Thank you Curt. I will give it a try, have enough money down and hope I get this way at least the pre-approval to secure my bid.

I am a newbie on bigger pockets and in real estate investment. Started a year ago buying real estate in MD for hold and rent them out. I have happy renters and make some money. I am currently in the process to buy my 4th house bank financed and all of the sudden a property, that I was monitoring for a while, becomes available. I have already renters for the house that would love to move in. I want to buy the house as it is a great opportunity as soon as possible, but I need to finance the property. Being still in the process of financing the prior property - closing in 10 days - I have been told I would jeopardize the current loan proceedings if I would apply for another loan within the time before closing. But in order to put a bid in I am in need for an loan approval letter. Any advise you could give what to do? Any experiences you can share in regards of simular situations. Easiest would be to wait after closing but I don't want to take the chance that the property is gone before I am able to move